In order to achieve success as a small business, leaders must be open to collaboration with other companies. Forging partnerships and building relationships with fellow businesses are vital to the progress of a business in any industry. Not only does a partnership increase your customer base, it provides opportunities to learn new strategies and open up new revenue streams that you didn’t think were possible before.
For smaller businesses, getting your brand into the minds of the consumer should be one of the highest priorities on the list. Lack of funds, or options to market yourself and integrate yourself into the community, can be a huge barrier to success for businesses, yet there is a simple solution.
The chance to form a bond with a company that not only shares a common goal, but also has the motivation to reach those objectives can galvanise your own company to boost profits.
The tricky part of choosing a new partnership to collaborate with is, very simply, choosing the right partner. Varying ambitions, motivations and goals can hinder you rather than help you, so how do you chose the right one?
Bank of Ireland UK CEO Des Crowley explains why working in partnership leads to success
Do your research
Knowing your market and where you currently reside within that sector is crucial to informing you of the competition and potential for expansion and partnership. More businesses are being launched in recent years and it is often difficult to see where you fit into that ecosystem at a glance.
Find out what else is out there and discover where you can improve or add to your company. Know the lay of the land and carefully select the best opportunities for you.
Don’t rush in
While it can be exciting to think of the prospect of finding a common ‘business-soul’ and taking your business into the stratosphere, caution should be your attitude.
There is rarely a ‘right time’ to take the plunge and open yourself up, so take your time with the process. Getting to know your potential partner is important, as you will be working alongside them for the foreseeable future, so make sure that they really are beneficial to your business!
Some of the best parts of a new partnership are opening yourself up to new ideas. Sometimes, another person looking at your situation can see issues and opportunities that are invisible to you and simply discussing your business model and explaining your situation is a great way to building your business.
Simply put, a partnership with other businesses is an excellent way to generate new opportunities that can help you grow and find success.
Bank of Ireland UK is developing strong partnerships with some of the UK’s most trusted brands. In an exclusive collaboration with The School of Life,Bank of Ireland UK has looked at some unique, inspiring partnerships from all over the world to shine a light on the best ways to work in collaboration. Discover some of the most compelling #InspiringPartnerships stories here, and follow on Twitter @BankofIrelandUK.